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Nasdaq Stockholm AB 556420-8394

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This is an in-house translation from the Swedish language original. In case of

discrepancy between the Swedish language original text and the English

language translation, the Swedish text shall prevail.

Annual Report For the fiscal year January 1, 2015 – December 31, 2015

The Board of Directors and CEO of Nasdaq Stockholm AB (formerly NASDAQ OMX Stockholm AB) hereby submits the

following Annual Report.

Contents Page

Administration Report 2 Income statement 6 Balance sheet 7 Cash-flow statement 9 Supplementary disclosures

Accounting policies 10 Notes 13

Registered office of the Board: Stockholm Company’s accounting currency: Swedish kronor (SEK) All amounts are stated in thousands of Swedish kronor (SEK 000s) unless otherwise indicated.


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Administration Report

Information about operations Nasdaq Stockholm AB conducts authorized stock exchange operations under the supervision of the Swedish Financial

Supervisory Authority (FI). The company’s business concept is to provide trading, market listing and information services,

as well as other related services for equity, power and fixed-income products. Through the provision of these services,

the company meets the market’s needs for capital, market valuations, investment opportunities and risk management.

Products and services The company’s product niche is to provide an efficient, liquid and credible marketplace for issued financial instruments.

Equities, premium bonds, convertibles, warrants, bonds, subscription rights and exchange-traded funds (ETFs) are traded

on Nasdaq Stockholm AB. The company also offers trading in Swedish, Norwegian, Finnish and Danish stock options,

index options, power derivatives and fixed-income derivatives, as well as stock futures and index futures.

Customers The company’s market is Europe, with particular focus on the Nordic region, the UK and the Baltic nations. Customers

can be divided into three groups:

Members

Swedish banks and foreign banks and securities companies, power generation companies and energy-

brokerage firms trading on their own or their customers’ account.

Issuers

Swedish and foreign issuers of equities, mutual funds, bonds, fixed-income products and warrants.

Information distributors

Swedish and foreign distributors of market information.

Members The member network has expanded considerably during the last decade, primarily as a consequence of the initiative to

recruit remote members. Many operators have memberships for both cash and derivative products. In total, Nasdaq

Stockholm had 119 (122) members at December 31, 2015. During 2015, four new members were added and seven

memberships expired.

Issuers Nasdaq Stockholm primarily lists equities, warrants and bonds, but also other types of securities. Listing is determined by

the Listing Committee, which is a specially appointed committee comprising a number of independent committee

members. At December 31, 2015, the total number of companies listed in the primary market amounted to 288 (269).

Information distributors Nasdaq Stockholm sells trading information to Swedish and foreign information distributors. These, in turn, distribute the

information to the end user. Information distributors include companies such as Thomson Reuters, Bloomberg, SIX and

Ecovision. A number of members also distribute price information via the Internet to their own online trading services.


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Risk management Nasdaq Stockholm manages risks attributable to its operating activities. The risks that arise due to the nature of the

company’s stock market-related operations are limited and mainly comprise operational risks and normal credit and

counterparty risks. Nasdaq Stockholm has established a comprehensive Enterprise Risk Management (ERM) process

that enables all types of risks (with a significant focus on operational risks) to be identified and assessed based on both

their probability and potential effect, as well as an action plan for reducing these risks. The process is managed at Group

level and encompasses all subsidiaries, including Nasdaq Stockholm.

Investing activities The credit risk arising from investments in interest-bearing investments is managed by an investment policy established

by the Board of Directors, stipulating that investments are to be made either in securities issued by external borrowers

with a high credit rating, or in short-term investments of limited amounts with credit-worthy banks, or by retaining cash

and cash equivalents in the Group’s cash pool structure and short-term internal interest-bearing investments.

Other operations The credit risk that arises from accounts receivable is minimized at Nasdaq Stockholm through the requirement that any

company that will be listed on the stock exchange must meet the criteria in the listing agreement. One of these

requirements is that the company provides documentary evidence that it possesses the profitability and financial

resources to conduct its business. Other services and products are invoiced in advance on a fixed fee basis and larger

variable fees are invoiced monthly in arrears thus minimizing the risk of losses in accounts receivable.

Liquidity risk/financing risk Nasdaq Stockholm maintains no interest-bearing liabilities and thus assumes no refinancing risks. In addition, the cash

flow generated by operations is positive and exceeds investments by a healthy margin. Nasdaq Stockholm has favorable

liquidity resources since its regulatory capital is exclusively placed in highly liquid interest-bearing investments that can

immediately be converted into cash.

Market risk

Currency risk Currency exposure at Nasdaq Stockholm primarily arises from market data operations, where most of the revenues are

denominated in EUR. Nasdaq Stockholm’s assessment is that the total currency-transaction exposure in the above-

mentioned flows is relatively limited and manageable, and Nasdaq Stockholm has thus decided not to hedge this

particular risk.

Interest-rate risk Interest-rate risk is primarily linked to investments in regulatory capital and investments made in Swedish bonds. At

December 31, 2015, the average duration of these assets was 0.90 years (0.49).

Financial instruments Nasdaq Stockholm invests in interest-bearing assets. The financial instruments that are thus utilized primarily comprise

Swedish government bonds or mortgage bonds and/or Swedish treasury bills.


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Significant events during the fiscal year and after the closing date The 2015 fiscal year was a record-breaking year in terms of the number of listings. A total of 81 (64) new companies were

listed, of which 26 (20) on the main market and 55 (44) on First North, yielding approximately SEK 48.5 bn (27.7) in

capital procured. Equities trading at Nasdaq Stockholm rose 25% to an average daily trade of SEK 17.1 bn compared

with SEK 13.7 bn in 2014. Trading in exchange-traded funds (ETFs) on Nasdaq Stockholm rose 2% to an average daily

trading of SEK 472 m compared with SEK 462 m in 2014. Nasdaq Stockholm’s share of order-book trading in the

company’s listed shares rose to 69.3% compared with 69.1% in 2014. Derivative trading increased 7.9% to an average

daily trade of 475,803 contracts, compared with 441,045 contracts in 2014. The total premium value for trading in stock

options was SEK 54.7 m (41.0) per day. No significant events occurred in the company after the balance-sheet date.

On March 10, 2016, Lauri Rosendahl took office as the new President of Nasdaq Stockholm AB.

The company changed name to Nasdaq Stockholm AB during the fiscal year.

Earnings trend in 2015 Equity turnover for the full year amounted to SEK 4,305 bn (3,402). A total of 64.6 million (50.8) equity transactions were

conducted during the year. The average turnover in equities trading increased to SEK 17.1 bn (13.7) per day. The

OMXS30 Index closed at 1,446.8 (1,464.5), down 1.2%. The total market capitalization at December 31 was SEK 5,770

bn (5,323). The number of derivative contracts traded (excluding Eurex) increased 12.2% to an average of 426,355

(379,849) contracts per day. The total premium value for trading in stock options was SEK 54.7 m (42.8) per day.

Revenues rose 10% to SEK 1,459 m (1,327), primarily as a result of increasing trading volumes and the increase in the

number of listed companies. Costs excluding depreciation/amortization fell 3% to SEK 576 m (593).

EBITDA increased 20% to SEK 884 m (738), corresponding to an EBITDA margin of 60% (55).

The company’s expected future development In 2016, work at business-area level will continue its geographic focus on the Nordic and the Baltic regions. Nasdaq

Stockholm will remain the driving force in the development of the Nordic and Baltic marketplaces for equities, bonds,

derivatives, repurchase contracts and other securities. The objective of a wholly-integrated market is to strengthen the

region’s customers – and thereby the competitiveness of Nasdaq Stockholm customers – by offering listing, trading,

clearing and settlement based on a shared infrastructure, the dissemination of information and continued harmonization

of the rules.

Research and development Research and development constitute an integral part of the operating activities aimed at enhancing the efficiency of the

operations and introducing new products and services. In 2015, this work was primarily focused on such product areas as

options, currency, interest-rate swaps and corporate bonds.

Ownership structure Nasdaq Stockholm AB is a wholly owned subsidiary of Nasdaq Nordic Ltd., Corp. Reg. No. 1110552-9, which is in turn a

wholly owned subsidiary of Nasdaq AB, Corp. Reg. No. 556243-8001; the Group’s Parent Company is The Nasdaq Inc,

Corp. Reg. No. 52-1165937, its registered office in Delaware, US.


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Multi-year review* 2015 2014 2013 2012

Net sales (SEK m) 1,459,434 1,326,888 401,599 -

Income after financial items (SEK m) 854,760 566,193 57,928 555

Operating margin (%) 58% 42% 13% 0%

Return on equity (%) 56% 45% 7% 1%

Total assets (SEK m) 1,760,023 1,530,554 1,307,435 45,986

Equity/assets ratio (%) 86% 82% 61% 99%

Average number of employees 151 160 50 -

The company was dormant before September 3, 2013. * Key definitions refer to Note 20.

Proposed distribution of earnings The Board of Directors proposes that the profits available for distribution (SEK)

Profit brought forward 648,302,552

Net profit for the year 825,102,041

1,473,404,593

be distributed as follows:

to shareholders (SEK 21.45 per share) 849,439,477

to be carried forward 623,965,116

1,473,404,593

For more information regarding the earnings and financial position of the company, refer to the income statement,

balance sheet, cash-flow statement and notes below.


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Income statement

Jan 1, 2015 - Jan 1, 2014 -

Note Dec 31, 2015 Dec 31, 2014

Net sales 1,4 1,459,434 1,326,888

1,459,434 1,326,888

Operating expenses

Other external expenses 2,4 -359,868 -384,680

Personnel costs 3 -207,693 -193,778

Depreciation/amortization and impairment

of tangible and intangible assets 9,10,11 -29,682 -172,250

Other operating expenses -8,716 -14,467

-605,959 -765,175

Operating income 853,475 561,713

Other interest income and similar profit items 5 1,347 5,498

Interest expenses and similar items 6 -62 -1,018

1,285 4,480

Income after financial items 854,760 566,193

Appropriations 7 - -56,953

Profit before tax 854,760 509,240

Tax on profit for the year 8 -29,658 -50,298

Net profit/loss for the year 825,102 458,942


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Balance sheet

Note Dec 31, 2015 Dec 31, 2014

ASSETS

Non-current assets

Intangib le assets

Capitalized expenditure for research and

development and similar items 9 9,274 1,580

Goodwill 10 - 28,478

9,274 30,058

Tangib le assets

Equipment 11 918 395

918 395

Financial assets

Participations in Group companies 12,13 50 50

50 50

Total non-current assets 10,241 30,503

Current receivables

Accounts receivables 84,199 71,591

Receivables from Group companies 1,336,351 1,144,308

Current tax receivables 256 1,581

Other receivables 15,660 115

Prepaid expenses and accrued income 14 9,029 9,810

1,445,495 1,227,405

Short-term investments 292,121 268,187

Cash and bank balances 15 12,165 4,459

Total current assets 1,749,782 1,500,051


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Balance sheet

Note Dec 31, 2015 Dec 31, 2014

SHAREHOLDERS' EQUITY AND LIABILITIES

Shareholders' equity 16

Restricted shareholders' equity

Share capital (39 600 908 shares) 39,601 39,601

39,601 39,601

Non-restricted shareholders' equity

Profit brought forward 648,303 756,192

Net profit/loss for the year 825,102 458,942

1,473,405 1,215,134

Total shareholders' equity 1,513,006 1,254,735

Provisions

Deferred tax liabilities 8 - -

Total provisions 0 0

Current liabilities

Accounts payables 3,527 4,687

Liabilities to Group companies 60,280 75,350

Other liabilities 10,358 8,497

Current tax liabilities 8 28,633 51,276

Accrued expenses and deferred income 17 144,219 136,009

247,017 275,819

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 19 1,760,023 1,530,554

MEMORANDUM ITEMS

Pledged collateral 18 None None

Contingent liabilities None None


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Cash-flow statement Jan 1, 2015 - Jan 1, 2014 -

Dec 31, 2015 Dec 31, 2014

Operating activities

Income after financial items 854,760 566,193

Adjustments for non-cash items, etc.

Depreciation/amortization and impairment 9,10,11 29,681 172,250

Group Contributions 7 - -56,953

Other items not affecting cash flow 25,359 60,900

909,800 742,390

Income tax paid -28,332 -51,277

Cash flow from operating activities before 881,468 691,113

changes in working capital

Changes in working capital

Changes in operating receivables -184,490 -478,641

Changes in operating liabilities -89,083 -307,704

Cash flow from operating activities 607,895 -95,232

Investing activities

Acquisition of tangible assets 9,11 -9,422 -68

Cash flow from investing activities -9,422 -68

Financing activities

Dividend paid -566,832 -

Cash flow from financing activities -566,832 0

Cash flow for the year 31,641 -95,300

Cash and cash equivalents at beginning of year 272,646 367,946

Cash and cash equivalents at year-end 304,286 272,646

* Cash and cash equivalents include short-term investments, cash and bank balances.


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Supplementary disclosures Accounting policies, etc.

General accounting policies The Annual Accounts have been prepared in accordance with the Annual Accounts Act (1955:1554) and BFNAR 2012:1

Annual Accounts and Consolidated Financial Statements (K3).

Assessments and estimates The following assessments by the Board have a significant impact on the carrying amounts in the Annual Report: Goodwill is annually assessed to identity any impairment requirements. Goodwill was amortized in its entirety in 2015.

Group affiliation The immediate superior Parent Company that prepares consolidated financial statements in which the company is

included is The Nasdaq Group, Inc., Delaware, US, (Corp. Reg. No. 52-1165937), www.nasdaq.com.

Revenue recognition Revenue is measured at fair value of what the company received or will receive. This means that the company

recognizes revenue at nominal value (invoiced amount) if the company receives remuneration in cash and cash

equivalents on delivery. Deduction is made for discounts granted.

Financial instruments Financial instruments are recognized according to BFNAR 2012:1 (K3), Chapter 12. Refer also to the description of the

accounting for each category of financial instruments. See also Note 19.

Financial assets/liabilities held for trading Financial assets/liabilities held for trading include securities and are measured at fair value. For listed financial

instruments, the market capitalization is calculated based on current market listings on the balance-sheet date. All

changes in value are recognized in profit and loss.

Loan receivables and accounts receivable Pertain to accounts receivable, receivables from Group companies, other receivables, as well as accrued revenue and

are measured at cost. All changes in value are recognized in profit and loss.

Other financial liabilities Pertain to accounts receivable, receivables from Group companies, other receivables, as well as accrued revenue and

are measured at cost. All changes in value are recognized in profit and loss.

Participations in subsidiaries are exempted from BFNAR 2012:1 (K3) Chapter 11 and recognized at cost, see also Note

12.


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Remuneration of employees Remuneration of employees relates to all types of remuneration that the company pays to employees. The company’s

remuneration includes salaries, paid vacation, paid absence, bonuses and compensation after retirement (pensions).

Recognition occurs in pace with vesting. Remuneration to employees after retirement relates to defined-contribution

plans. Defined-contribution plans are classified as plans in which established premiums are paid and there are no

obligations, either legally or informally, to pay anything in excess of these premiums. The company has no other long-

term remuneration schemes vis-à-vis employees. Premiums for defined-contribution plans are recognized as an expense

in the period in which the employees perform the services that form the basis of the commitment.

Long-term incentive program (LTIP) All employees participate in Nasdaq Inc.’s long-term incentive program. Based on the employee category, the plan

includes the allocation of shares and warrants in Nasdaq Inc. to which, to a certain extent, performance requirements and

a requirement of continued employment in the company have been linked. The warrants will be exercised within a period

of three to five years. The company is charged for current costs for the LTIP by the Parent Company. The costs charged

by the Parent Company are based on the value of the stock or warrants at the time of allocation and is spread over the

expected vesting period. Social security expenses arising from these share-based programs are finally determined on the

exercise date, but provisions are made on an ongoing basis over the vesting period based on the market value.

Remuneration policy A report on the remuneration policy in compliance with the Swedish Financial Supervisory Authority’s general guidelines

on remuneration policies, FFFS 2011:2, is published on the company’s website,

www.nasdaqomxnordic.com/omoss/legalstructure.

Translation of items in foreign currencies Receivables and liabilities in foreign currencies have been valued at the closing-day rate. Exchange gains and losses on

operating receivables and operating liabilities are recognized in operating income while exchange gains and losses on

financial receivables and liabilities are recognized as financial items.

Group contributions Group contributions received and paid are recognized as appropriations.

Taxes Current and deferred income tax is recognized under the heading “Taxes” in profit and loss. National income tax in

Sweden is calculated on nominally entered earnings with additions for non-deductible items, and deductions for non-

taxable revenues and other deductions. Deferred tax assets are recognized for all deductible temporary differences and

unutilized loss carryforwards, to the extent it is probable that future taxable profit will be available against which the

temporary differences or unutilized loss carryforwards can be used. The deferred tax assets’ carrying amounts are

reviewed on each closing date and reduced to the extent that it is no longer probable that sufficient taxable profit will be

available to allow the benefit of part or all of that deferred tax asset to be utilized, and increased to the corresponding

extent. Deferred tax assets and liabilities are calculated by applying the tax rates that are expected to apply for the period

in which the deferred tax asset is realized or when the deferred tax liability is settled, based on the tax rates (and the tax

laws) that exist or that in practice exist on the balance-sheet date.


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Non-current assets Tangible and intangible assets are recognized at cost less accumulated depreciation/amortization and any impairment.

Tangible assets were divided into significant components when the components have highly varying useful periods.

The depreciable amount comprises cost less an estimated residual value if this is significant. Amortization takes place straight-line over the expected useful life. The following amortization/depreciation periods are applied:

Intangible assets

Goodwill 10 years

Tangible assets

Equipment 5 years The company applies the so-called activation model for internally created intangible assets. The method entails that all

charges that fulfill the criteria in BFNAR 2012:1 are recognized as intangible assets and amortized over the estimated

useful life of the asset.

Cash-flow statement The company applies the indirect method for the preparation of the cash-flow statement. Cash and cash equivalents are

defined as short-term investments with maturity terms of less than three months, and cash and bank balances.

Receivables, liabilities and provisions Current receivables are recognized at the lower of cost and the amount expected to result from settlement, unless

otherwise indicated above. Long-term receivables and liabilities are recognized at amortized cost at the first

measurement occasion. Other liabilities and provisions are recognized at the amounts expected to result from settlement.

Other assets are recognized at cost, unless otherwise indicated above.


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Notes

Note 1 Distribution of net sales

Net sales per business segment are distributed as follows:

2015 2014

Transaction revenues 633,051 575,011

Market data 321,121 300,409

Issuers 310,068 252,529

Technology and system revenues 166,353 178,832

Other operating revenues 28,841 20,107

1,459,434 1,326,888

Note 2 Auditors' fees2015 2014

Ernst & Young

Audit assignment 750 669

Other auditing activities 40 40

790 709

Note 3 Employees and personnel costs

2015 2014

Average number of employees

Men 102 114

Women 49 46

151 160

Salaries and other remuneration

President 4,464 4,702

(of which bonus) (1,218) (1,649)

(of which, share-based remuneration) (1,432) (1,269)

Other employees 131,658 124,501

(of which, share-based remuneration) (9,864) (7,435)

136,122 129,203


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2015 2014

Pension and other social security expenses

Pension expenses for the Board of Directors and President 477 483

Pension expenses for other employees* 15,981 14,431

Other social security expenses according to law and agreement 49,219 48,439

65,676 63,353

Director fees were not paid during the period.

Gender distribution among senior executives

Percentage of women on the Board 40% 40%

Percentage of men on the Board 60% 60%

Percentage of women among other senior executives 17% 50%

Percentage of men among other senior executives 83% 50%

The information refers to the position on the balance-sheet date.

Remuneration structure 2015

Nasdaq’s remuneration of employees consists of both fixed and variable remuneration, as well as pension and other

benefits. Variable remuneration is divided into short-term and long-term incentive programs. The short-term incentive

program encompasses all employees and is a cash-based remuneration linked to various targets in the business.

Share-based remuneration

In December 2008, the Nasdaq Board of Directors decided to implement a long-term incentive program (LTIP) for all

permanent employees. This program consists of share-based instruments linked to the Nasdaq share, which is listed on

the Nasdaq Stock Market in the US. The LTIP is a performance-based program. The ratio used for measuring

performance is Nasdaq’s operating income in the year concerned. The principles of share-based remuneration and its

components are presented in more detail below.

The amount of an employee’s share-based remuneration depends on the company’s earnings, the business area’s

earnings, the team’s targets and the employee’s positions in the company.

The LTIP’s share-based remuneration comprises three different instruments:

- “Performance Share Units (PSUs) with 1-Year performance”, one-third transferred to employees per year. The number of shares transferred is linked to Nasdaq’s corporate operating income with a payment interval of 0-150%, meaning that the number of shares transferred can be lower or higher.

- “Performance Share Units (PSUs) with 3-Year performance”, 100% transferred after three years. The number of shares transferred is linked to the Total Shareholder Return (TSR) and to S&P 500 earnings. The number of shares transferred can be lower or higher.

- “Restricted Stock Units (RSUs) that vest over time” (non-performance-based), 25% transferred after two years, 25% after three years and 50% after four years. The number of shares allotted is always the same as the number transferred.

The employees, depending on the position held, have been allotted a number of RSUs, a combination of RSUs and

PSUs, or alternatively a combination of one-year PSUs and three-year PSUs.

RSUs and PSUs will be allotted on 31 March 2016 since Nasdaq’s 2015 operating income achieved the established targets.


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Pensions

Nasdaq Sweden offers its employees a market-rate, premium-based occupational pension – Nasdaq pension plan. The

retirement age is 65.

Other benefits

In addition to the above occupational pension, Nasdaq Sweden has taken out health insurance, group life insurance (TGL), medical expenses insurance and occupational injury insurance (TFA) for its employees. Employees are also able to supplement their cover via Nasdaq’s voluntary group insurance.

Note 4 Intra-Group purchases and sales2015 2014

Percentage of total purchases during the year from other Group companies 45% 47%

Percentage of total sales during the year to other Group companies 23% 14%

Expenses primarily comprise operating and development expenses from Nasdaq Exchange & Clearing Services AB.

Note 5 Other Interest income and similar profit/loss items2015 2014

Interest income from Group companies 0 2,401

Other interest income 910 2,201

Exchange-rate differences 316 0

Result, short-term investments 121 896

1,347 5,498

Note 6 Interest expenses and similar profit/loss items2015 2014

Interest expense to Group companies -12 -19

Other interest expenses -11 -85

Exchange-rate differences -39 -914

-62 -1,018

Note 7 Appropriations2015 2014

Group contributions paid -750,000 -745,265

Group contributions received (untaxed) 750,000 688,312

0 -56,953


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Note 8 Tax on profit for the year2015 2014

Current tax liabilities 29,093 -702

Adjustment pertaining to prior years 0 51,000

Change in deferred tax pertaining to temporary differences 565 0

Change in deferred tax receivable pertaining to losses carried forward 0 0

Total recognized tax 29,658 50,298

Average effective tax rate 3.5% 9.9%

Reconciliation of effective tax rate

Recognized profit before tax 854,760 509,240

Tax on recoginzed profit according to applicable tax rate (22%) 188,047 112,033

Tax effect of:

Amortization of goodwill 6,265 37,895

Other non-deductible expenses 580 394

Tax attributable to prior years 0 51,000

Non-taxable Group contributions -165,000 -151,429

Tax effects not taken into account -234 404

Recognized tax 29,658 50,298

Effective tax rate 3.5% 9.9%

* Includes an expense of SEK 51,276,000 pertaining to a ruling by the Swedish Tax Agency denying deduction for Group

contributions for the 2013 income year.

Note 9 Capitalized expenditure for research and development and similar work

Dec 31, 2015 Dec 31, 2014

Opening cost 46,927 46,927

Acquisitions for the year 8,490 -

Closing accumulated cost 55,417 46,927

Opening amortization -45,347 -44,232

Amortization from the demerger - -

Amortization for the year -796 -1,115

Closing accumulated amortization -46,143 -45,347

Closing carrying amount 9,274 1,580


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Note 10 GoodwillDec 31, 2015 Dec 31, 2014

Opening cost 1,708,698 1,708,698

Closing accumulated cost 1,708,698 1,708,698

Opening amortization -1,680,220 -1,509,350

Amortization for the year -28,478 -170,870

Closing accumulated amortization -1,708,698 -1,680,220

Closing carrying amount 0 28,478 In accordance with the consolidated value method, the goodwill attributable to Nasdaq Stockholm AB in connection with the demerger was recognized in the legal unit.

Note 11 EquipmentDec 31, 2015 Dec 31, 2014

Opening cost 13,251 13,183

Acquisitions for the year 930 68

Cost from demerger - -

Closing accumulated cost 14,181 13,251

Opening depreciation -12,856 -12,591

Depreciation from the demerger - -

Depreciation for the year -407 -265

Closing accumulated depreciation -13,263 -12,856

Closing carrying amount 918 395

Note 12 Shares in Group companiesDec 31, 2015 Dec 31, 2014

Opening cost 50 50

Closing accumulated cost 50 50

Closing carrying amount 50 50


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Note 13 Specification of participation in Group companies

Share of

equity

Share of

voting rights

Number of

participations

Carrying

amount

OMX Italy srl 5% 5% 5% 50

50

Corp. Reg.

No.

Registered

offices Equity

Net loss for

the year

OMX Italy srl 7,983,258 Italien 5,789 -205

Name

* Shareholders’ equity and Profit for the year have been stated in their entirety irrespective of ownership holding. ** Profit for the year pertains to income after financial items

Note 14 Prepaid expenses and accrued incomeDec 31, 2015 Dec 31, 2014

Accrued income 6,777 7,085

Prepaid expenses 2,252 2,725

9,029 9,810

Note 15 Cash and bank balancesDec 31, 2015 Dec 31, 2014

Cash balances 12,165 4,459

12,165 4,459


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Note 16 Statement of changes in equity

Restricted

capital

Non-

restricted

capital

Share capital

Profit brought

forward

Net profit for

the year Total

Opening balance Jan, 2014 39,601 927,491 -171,299 795,793

Transfer of results from preceding year -171,299 171,299 0

Net loss for the year 458,942 458,942

Closing balance Dec 31, 2014 39,601 756,192 458,942 1,254,735

Transfer of results from preceding year 458,942 -458,942 0

Dividend paid -566,832 -566,832

Translation difference 1 1

Net loss for the year 825,102 825,102

Closing balance Dec 31, 2015 39,601 648,303 825,102 1,513,006

Note 17 Accrued expenses and deferred income2015-12-31 2014-12-31

Accrued salaries and other benefits 36,377 28,747

Accrued vacation pay 20,511 20,758

Accrued social security expenses 23,530 23,570

Tax deducted for employees 2,401 4,512

Deferred income, listing itmes 9,816 6,472

Deferred income, issuers 43,195 38,739

Other deferred income 8,389 13,211

144,219 136,009

Note 18 Pledged collateral2015-12-31 2014-12-31

Pledged collateral for Group companies None None

None None

Guarantees Principal None None

None None


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Note 19 Disclosures about financial instruments

Assets at Dec 31, 2015 Financial

assets held

for trading

Loans and

receivables

Non-financial

assets

Total



Other receivables 718 718

Prepaid expenses and accrued income 6,753 2,252 9,005


Cash and bank balances 12,165 12,165

292,121 1,440,186 2,252 1,734,559

Assets at Dec 31, 2014 Financial

assets held

for trading

Loans and

receivables

Non-financial

assets

Total



Other receivables 415 -300 115

Prepaid expenses and accrued income 7,085 2,725 9,810


Cash and bank balances 4,459 4,459

268,187 1,227,858 2,425 1,498,470

Liabilities at 2015-12-31 Other financial

liabilities

Non-financial

liabilities

Total

Accounts payable -1 3,528 3,528


Accrued expenses and deferred income 61,474 82,744 144,218

Other liabilities 0 28,633 28,633

125,282 111,377 236,659

Liabilities at 2014-12-31 Other financial

liabilities

Non-financial

liabilities

Total

Accounts payable 4,687 4,687


Accrued expenses and deferred income 58,621 77,388 136,009

138,658 77,388 216,046


22 (23)




Note 20 Definitions of key figures

Operating margin

Operating income as a percentage of revenue.

Adjusted equity

Equity plus untaxed reserves less deferred tax.

Return on equity

Income after financial items as a percentage of average adjusted equity.

Equity/assets ratio

Adjusted equity as a percentage of total assets.


23 (23)




Stockholm, June 3, 2016

Andreas Gustafsson Teuvo Rossi Chairman of the Board Board member Suzanne Dahl Erika Grünberger Board member Board member

Adam Kostyal Lauri Rosendahl Board member President and CEO

Our audit report was submitted on June 7, 2016

Ernst & Young AB Stefan Lundberg Authorized Public Accountant

annual report - nasdaq nordic - share quotes€¦ · nasdaq stockholm ab 556420-8394 discrepancy 2...

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